#1CENTRAL PACIFIC FINANCIAL Investor Presentation September 2022#2Forward-Looking Statements This document may contain forward-looking statements concerning: projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, the payment or nonpayment of dividends, capital position, credit losses, net interest margin or other financial items; statements of plans, objectives and expectations of Central Pacific Financial Corp. or its management or Board of Directors, including those relating to business plans, use of capital resources, products or services and regulatory developments and regulatory actions; statements of future economic performance including anticipated performance results from our business initiatives; or any statements of the assumptions underlying or relating to any of the foregoing. Words such as "believes," "plans," "anticipates," "expects," "intends," "forecasts," "hopes," "targeting," "continue," "remain," "will," "should," "estimates," "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. While believe that our forward-looking statements and the assumptions underlying them are reasonably based, such statements and assumptions are by their nature subject to risks and uncertainties, and thus could later prove to be inaccurate or incorrect. Accordingly, actual results could differ materially from those statements or projections for a variety of reasons, including, but not limited to: the adverse effects of the COVID-19 pandemic virus on local, national and international economies, including, but not limited to, the adverse impact on tourism and construction in the State of Hawaii, our borrowers, customers, third-party contractors, vendors and employees as well as the effects of government programs and initiatives in response to COVID-19; the impact of our participation in the Paycheck Protection Program ("PPP") and fulfillment of government guarantees on our PPP loans; our ability to successfully implement our Banking-as-a-Service initiatives, including adoption of the initiatives by customers and risks faced by any of our bank collaborations including reputational and regulatory risk; the increase in inventory or adverse conditions in the real estate market and deterioration in the construction industry; adverse changes in the financial performance and/or condition of our borrowers and, as a result, increased loan delinquency rates, deterioration in asset quality, and losses in our loan portfolio; our ability to successfully implement our business initiatives; the impact of local, national, and international economies and events (including natural disasters such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, earthquakes and pandemic viruses and diseases, including COVID-19) on the Company's business and operations and on tourism, the military, and other major industries operating within the Hawaii market and any other markets in which the Company does business; deterioration or malaise in domestic economic conditions, including any destabilization in the financial industry and deterioration of the real estate market, as well as the impact of declining levels of consumer and business confidence in the state of the economy in general and in financial institutions in particular; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), changes in capital standards, other regulatory reform and federal and state legislation, including but not limited to regulations promulgated by the Consumer Financial Protection Bureau (the "CFPB"), government-sponsored enterprise reform, and any related rules and regulations which affect our business operations and competitiveness; the costs and effects of legal and regulatory developments, including legal proceedings or regulatory or other governmental inquiries and proceedings and the resolution thereof, the results of regulatory examinations or reviews and the effect of, and our ability to comply with, any regulatory orders or actions we are or may become subject to; ability to successfully implement our initiatives to lower our efficiency ratio; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System (the "FRB" or the "Federal Reserve"); inflation, interest rate, securities market and monetary fluctuations, including the anticipated replacement of the London Interbank Offered Rate ("LIBOR") Index and the impact on our loans and debt which are tied to that index; negative trends in our market capitalization and adverse changes in the price of the Company's common stock; political instability; acts of war or terrorism; pandemic virus and disease, including COVID-19; changes in consumer spending, borrowings and savings habits; failure to maintain effective internal control over financial reporting or disclosure controls and procedures; cybersecurity and data privacy breaches and the consequence therefrom; the ability to address deficiencies in our internal controls over financial reporting or disclosure controls and procedures; technological changes and developments; changes in the competitive environment among financial holding companies and other financial service providers; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board ("FASB") and other accounting standard setters and the cost and resources required to implement such changes; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; and our success at managing the risks involved in the foregoing items. For further information with respect to factors that could cause actual results to materially differ from the expectations or projections stated in the forward-looking statements, please see the Company's publicly available Securities and Exchange Commission filings, including the Company's Form 10-K for the last fiscal year and, in particular, the discussion of "Risk Factors" set forth therein. We urge investors to consider all of these factors carefully in evaluating the forward-looking statements contained in this Form 8-K. Forward-looking statements speak only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are made, or to reflect the occurrence of unanticipated events except as required by law. Central Pacific Financial Corp.#3Central Pacific Financial - Corporate Profile NYSE TICKER SUBSIDIARY TOTAL ASSETS MARKET INFORMATION DIVIDEND YIELD CPF Central Pacific Financial Corp. CENTRAL PACIFIC BANK (CPB) MARKET CAP $625 MILLION $7.3 BILLION SHARE PRICE $22.88 4.6% Central Pacific Financial Corp. is a Hawaii-based bank holding company. Central Pacific Bank (CPB) was founded in 1954 by Japanese-American veterans of World War II to serve the needs of families and small businesses that did not have access to financial services. Today CPB is the 4th largest financial institution in Hawaii with 27 branches across the State. CPB is a market leader in residential mortgage, small business banking and digital banking. Note: Total assets as of 6/30/22. Other Market Information above as of 8/26/22. Where People CPB Like Banking. Member FDIC 3#4CPF Investment Highlights 1 6 Central Pacific Financial Corp. Well positioned to capitalize on improving macro trends 2 Accelerating & sustainable growth 3 NIM tailwinds DU DO 4 DO DO DO DO Focus on driving efficiency DO 5 Strong credit & capital profile DO Digital & BaaS initiatives to expand future market & growth DO EDGE#51 Well positioned to capitalize on improving macro trends KEY HAWAII ECONOMIC METRICS Tourism Visitor arrivals YTD compared to 2019 90% Growth Real GDP projected 2022 increase 3.5%¹ Central Pacific Financial Corp. Employment Unemployment Rate July 2022 4.1% Housing Oahu Median Single- Family Home Price July 2022 $1.1 Million FACTORS FOR A FAVORABLE HAWAII OUTLOOK Rebound in International visitors expected Japanese visitors to Hawaii expected to increase as COVID testing requirements are ending and daily passenger limits are increasing Significant increase expected in Defense spending National Defense Authorization Act appropriated $1 billion for a Hawaii health and environmental recovery fund in 2022 Continued housing strength and development Significant home construction ongoing with two major master-planned community projects being built in West Oahu totaling over 15,000 homes ● ● 1 Source: University of Hawaii Economic Research Organization (UHERO). 8080808080#62 Accelerating & sustainable growth ● ● ● $ Millions 5,500 5,000 4,500 4,000 3,500 3,000 Loan Balances Outstanding-Excluding PPP 2016 2017 Central Pacific Financial Corp. CAGR 7.6% 2018 11 2019 2020 $5.3B 2021 202022 Coml Mortgage 25% Loan Portfolio Composition as of June 30, 2022 Consumer 13% C&I 10% Construction 3% Residential Mortgage 36% Home Equity 13% Strong and diverse loan portfolio, with over 75% secured by real estate Core loans grew in 2Q 2022 by 11.8% on a linked quarter annualized basis Loan market share increased from 13% to 15% in the last 5 years* Weighted average LTVS of 64% for Residential Mortgage, 61% for Home Equity and 62% for Commercial Mortgage Strong Consumer credit quality with weighted average origination FICO of 740 for Hawaii Consumer and 745 for Mainland Consumer Mainland loan portfolio purchase/participation strategy provides geographic diversification and higher yield opportunities * Market share among the 4 largest Hawaii banks (Bank of Hawaii, First Hawaiian Bank, American Savings Bank and Central Pacific Bank). Source: S&P Global. 6#7Residential Mortgage Strength HAWAII RESIDENTIAL MARKET Housing prices continue to be very strong with median price of $1.1 million In 000s While demand has cooled slightly, properties continue to move quickly with median days on market at 11 days $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 OAHU SINGLE FAMILY HOME MEDIAN SALES PRICE $1.1 Million +11.6% YOY 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Jul-22 Central Pacific Financial Corp. CPB RESIDENTIAL MORTGAGE LEADER Over 60% of production is purchase mortgages; less reliance on refinance market ● ● ● Lead lender on many large residential development projects Unique mortgage broker joint-venture model 11 7#8Small Business Leader N Central Pacific Financial Corp. Niche Markets Innovative Programs & Technology I ■ 1 As reported by the SBA for the 2021 Fiscal Year. 2021 Lender of the Year Category 2 by the SBA's Hawaii District Office Originated more SBA loans based on count and $ than the 3 other large Hawaii banks combined¹ CPB has strong market share in the dental and physician niche, being the primary bank to nearly half of the dentists and a quarter of the physicians in the State of Hawaii CPB Foundation started a financial management and networking accelerator program in 2021 for local women entrepreneurs called 'WE by Rising Tide' Outperformed on the PPP program, originating 30% of all PPP loans in the State of Hawaii; over 600 new PPP borrowers have converted to CPB customers thus far 8#9Japan Competitive Advantage US-JAPAN COUNCIL U.S.-JAPAN COUNCIL U.S. JAPAN COUNCIL US-JAPAN COUNCIL U.S.-JAPAN COUNCIL US-JAPAN COUNC Central Pacific Financial Corp. AN CIL US-JAPAN COUNCH US-JAPAN COUNCIL LS-JAPAN OUNCIL US-JAPAN COUNCIL U.S.-JAPAN COUNCIL US-JAPAN COUNCIL インタビュー CENTRAL PACIFIC BANK CPB宇津木光さんに聞く 不動産支払代行サービス ● ● Paul Yonamine, CPF CEO, is on the Board of Directors of Sumitomo Mitsui Banking Corporation (SMBC) and Seven & i Holdings. He is also the Board Chair of the U.S. Japan Council. He previously served as the IBM Japan President and led KPMG Consulting in Japan Hikaru Utsugi, head of CPB International banking spent 30+ years at Mitsubishi UFJ Bank Japan recently loosened travel restrictions. CPB Team has resumed business development travel to Japan CPB currently has nearly $1 billion in Japan-related deposits (+10% in last 2 years), growth in CPB's Japan business will further accelerate in 2H2022#103 ● NIM tailwinds 2Q 2022 Core NIM (excluding PPP) increased by 13 bps sequential quarter to 3.01% ¹ due to asset sensitivity and the rising rate environment 3Q 2022 Core NIM estimated to further increase by 10-15 bps Central Pacific Financial Corp. Asset Sensitive Balance Sheet Net Interest Income Rate Sensitivity As of June 30, 2022 3.3% 4.1% +100 bps Gradual* 5.8% Immediate* 8.2% +200 bps 1 Excludes $0.9MM in PPP net interest income, and $33MM in average PPP loan balances. * Immediate reflects an instantaneous, parallel rate shock, whereas gradual reflects a parallel rate ramp evenly over 12 months. DU DO DO DO DO DO DO Dg DO 10#11Solid Low-Cost Core Deposit Portfolio $ Millions 7,000 6,500 CAGR 6.8% mill 6,000 5,500 5,000 4,500 4,000 2016 ● Total Deposits 2017 Central Pacific Financial Corp. 2018 2019 $6.6B @ 0.06% avg cost 2020 2021 202022 Savings & Money Market 33% Deposit Portfolio Composition as of June 30, 2022 Time 10% Noninterest Bearing Demand 35% Interest Bearing Demand 22% Strong deposit portfolio consisting of 93% core deposits and a total deposit cost of just 0.06% in the 2Q 2022 Deposit repricing betas anticipated to be low. Betas were just 13% in the prior Fed tightening cycle (2016-2019, excludes government time deposits) DU DO DO DO DO DO DO Dg DO 11#12Hawaii Deposit Cost Advantage The Hawaii market has the benefit of unique deposit behavior with low cost, stable balances 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% Central Pacific Financial Corp. 2005 2006 2007 2008 61 bps funding advantage 2009 2010 2011 Total Deposit Cost 2012 CPF 2013 2014 Peer average* 2015 2016 Fed Funds 2017 2018 2019 2020 * U.S. Public banks with total assets of $3-10 billion as of June 30, 2022. Source: S&P Global. 47 bps funding advantage 2021 Q1 2022 Q2 2022 DU DO DO DO DO DO DO Dg DO 12#134 Focus on driving efficiency SUCCESSFUL EXECUTION TO DATE: Central Pacific Financial Corp. ● CONTINUED FOCUSED EXECUTION TO DRIVE EFFICIENCY RATIO UNDER 60% Service Now implementation: using automation to improve internal processing ● E ● Branch Consolidation - 8 branches consolidated since 2020 (-23%) - Currently operating 27 branches in the State of Hawaii FTE Reduction - Reduced total FTE from 833 to 774 over the last 2 years (-7%) IT through attrition enabled by efficiency gains Consolidated Loan Origination System: straight-through processing from start to finish Digital Channels: continued transaction migration 13#145 Strong credit & capital profile 2.00% 1.50% 1.00% 0.50% 0.00% 2.00% 1.50% 1.00% 0.50% 0.00% 2016 2016 Non-Performing Loans to Total Loans* Central Pacific Financial Corp. 2017 2018 2017 2019 2018 Loan Loss Reserves to Total Loans 2020 2019 2020 0.15% 2021 Q1 2022 Q2 2022 1.23% 2021 Q1 2022 Q2 2022 2.00% 1.50% 1.00% 0.50% 0.00% 2016 NPAS & 90+PD to Total Loans & OREO 2017 2018 -Central Pacific Financial 2019 2020 0.17% Strong and diversified loan portfolio combined with solid credit risk management CPF credit quality compares favorably to peer banks 2021 Q1 2022 Q2 2022 * Non-Performing Loans defined as total nonaccrual loans plus total restructured loans still accruing interest. -Public Banks with $3-10 Billion in Assets 14#15Solid Capital Position STRONG CAPITAL AND SHAREHOLDER RETURN Maintained quarterly cash dividend at $0.26 per share which will be payable on September 15, 2022 ● Consistent history of dividend growth, with attractive dividend yield of 4.6% compared to peer average of 2.4%* Repurchased 174,429 shares in the 2Q 2022, and returned $25.3 million in capital YTD to shareholders through cash dividends and share repurchases QTD as of 8/31/2022 repurchased an additional 148,500 shares at an average cost of $22.51 per share * Dividend yield based on dividend paid in 2Q 2022 and market price as of 8/26/2022. Peers includes U.S. Public banks with total assets $3-10 billion. Source: S&P Global Central Pacific Financial Corp. 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 is $- Regulatory Capital Ratios As of June 30, 2022 8.6% Tier 1 Leverage 2016 Regulatory Minimum 2017 10.7% CET1 2018 I Well-Capitalized Cash Dividends Declared per Common Share 1 2019 2020 13.9% Total Capital CPF 2021 $210 million capital cushion to well capitalized minimum 1H2022 Annualized 15#16● ● 6 Digital & BaaS initiatives to expand future market & growth ● Che Shaka - Hawaii's first fully digital bank account Successful launch with over 4,000 accounts opened in the firs 6 months BY CPB debit >))) Central Pacific Financial Corp. Product expansion and continued development ongoing Unique brand marketing and social-media strategy Meeting the needs of younger generation with preference for digital channels ● Banking-as-a-Service (BaaS) Initiative Starting with Swell fintech launch in 3Q 2022, with CPB serving as bank sponsor and unique credit enhancement model mitigating risk to CPB Other BaaS opportunities under exploration Provides enhanced diversification and growth opportunity, expanding beyond Hawaii market Incremental fee income opportunities ● Swell Make smart money moves. ● APP LAUNCH 2022 16#17Mahalo#18Appendix Central Pacific Financial Corp. t 18#19Central Pacific Bank ranked #1 Best-in-State Bank in Hawaii for 2022 Central Pacific Financial Corp. 1ST PLACE WINNER BEST-IN-STATE BANKS Forbes 2022 POWERED BY STATISTA 19#20Historical Financial Highlights Central Pacific Financial Corp ($ in millions) Balance Sheet (period end data) Loans and leases Total assets Total deposits Total shareholders' equity Income Statement Net interest income Provision (credit) for credit losses Other operating income Other operating expense Income taxes (benefit) Net income Profitability Return on average assets Return on average shareholders' equity Efficiency ratio (*) Net interest margin Capital Adequacy (period end data) Leverage capital ratio Total risk-based capital ratio Asset Quality Net loan charge offs/average loans Nonaccrual loans/total loans (period end) 2Q 2022 $5,301.6 7,299.2 6,622.1 455.1 53.0 1.0 17.1 45.4 6.2 17.5 0.96% 14.93% 64.68% 3.05% 8.59% 13.87% 0.08% 0.09% 1Q 50.9 (3.2) 9.6 38.2 6.0 19.4 $5,174.8 $ 5,101.6 $ 4,964.1 $ 4,449.5 7,298.8 7,419.1 6,594.6 6,012.7 6,599.0 6,639.2 5,796.1 5,120.0 486.3 558.2 546.7 528.5 1.06% 14.44% 63.16% 2.97% 8.50% 14.18% 2021 0.03% 0.10% 211.0 (14.6) 43.1 163.0 25.8 79.9 1.13% 14.38% 64.16% 3.18% 8.48% 14.48% 2020 0.02% 0.12% Year Ended December 31, 2019 2018 197.7 42.1 45.2 151.7 11.8 37.3 0.58% 6.85% 62.47% 3.30% 8.81% 15.19% 0.15% 0.12% 184.1 6.3 41.8 141.6 19.6 58.3 0.99% 11.36% 62.69% 3.35% 9.53% 13.64% 0.15% 0.03% $ 4,078.4 $ 3,770.6 5,807.0 4,946.5 491.7 173.0 (1.5) 38.8 135.1 18.8 59.5 1.05% 12.22% 63.79% 3.22% 9.88% 14.69% 2017 0.02% 0.06% $ 3,524.9 5,623.7 5,384.2 4,956.4 4,608.2 500.0 504.7 167.7 (2.6) 36.5 131.0 34.6 41.2 0.75% 8.03% 64.14% 3.28% 10.35% 15.92% 2016 0.11% 0.07% 158.0 (5.4) 42.3 132.4 26.3 47.0 0.90% 9.16% 66.10% 3.27% 10.64% 15.49% 0.03% 0.24% (*) Certain amounts in prior years were reclassified to conform to current year's presentation. These reclassifications had an immaterial impact to our previously reported efficiency ratios. 20#21Environmental, Social & Governance (ESG) 2021 ESG report released in early 2022 can be viewed here: https://www.cpb.bank/esg The Four ESG Pillars of CPB ESG stands for environmental, social, and governance. ESG is a framework to integrate environmental, social, and governance risks and opportunities into a company's strategy to create value and build long-term financial sustainability. At CPB, we have four ESG pillars: Corporate Governance Protect and enhance the Interests of shareholders with strong Board and executive leadership and sound corporate governance and risk management practices. Central Pacific Financial Corp. Support of the Community Be a leader in support of small business and in philanthrople initiatives across Hawali. Support of Employees Recruit and retain an exceptional, diverse workforce and maintain commitment to the health. well-being and success of these employees. Environmental Initiatives Preserve the natural resources of our islands by implementing energy efficiency and other "green" practices across the organization, and setting targets to increase our customer base and financing in projects in the renewable energy and climate change adaptation sectors. 2021 Environmental, Social and Governance Report CENTRAL PACIFIC BANK cpb.bank 21